(i)The financial information presented in this earnings release is based on Alternative Performance Measures determined by the way in which the Executive Management (Chief Operating Decision Maker) manage the performance and resource allocation of the Group. It includes Guatemala (55% owned) & Honduras (66.67% owned) as if fully consolidated. With the exception of balance sheet items, the comparative 2016 financial information in this earnings release has been adjusted for the classification of our operations in Senegal and Ghana as discontinued operations. At December 31st, 2017, Senegal is classified as an asset held for sale on our balance sheet. Our operations in Ghana have been merged with Airtel on October 12th, 2017 and are accounted for as a joint venture since that date. IFRS Revenue was $1,069 million in Q4 2017; see page 19 for reconciliation with IFRS numbers.

Millicom Chief Executive Officer Mauricio Ramos commented:

Growth returned to our Latam markets during the second half of 2017, thanks largely to our strategic focus on building digital highways and accelerating the transition from legacy voice and SMS to high-speed data services, both in mobile and fixed.

In Latam, our mobile business is growing again, and it is encouraging to see Q4 growth of more than 3% in Paraguay and Bolivia, countries where the transition from voice to data is more advanced. Meanwhile, the investments we are making in our HFC networks are driving steady mid-to-high single-digit growth in Home and B2B, and we see a large opportunity for Millicom in these areas.

In Africa, we delivered on our commitment to generate positive free cash flow from the region in 2017. We also disposed of our operation in Rwanda, and we completed a merger in Ghana, consistent with our strategy to focus on the Latam region.

Over the last several months, we also monetized tower portfolios in Paraguay, Colombia and El Salvador, and we reduced our stake in BIMA. As a result of these transactions and of our organic cash flow growth, we reduced our leverage and improved our return on capital in 2017.

We enter 2018 with positive momentum in our largest markets and with the financial strength to support our long-term growth plans and create shareholder value. I expect that 2018 will be an even better and more exciting year for Millicom.

Outlook

For our Latam segment, we expect 2018 service revenue growth of 2-4% and EBITDA growth of 3-6% year-on-year in constant currency, and capital expenditures for the region of approximately $1 billion. In our B2C mobile unit, we expect to add 3 million new 4G data customers and to end the year with over 10 million. In our Home business, we anticipate adding 1 million new HFC homes passed to reach 10 million total homes, and we expect to connect an incremental 300,000 HFC homes to our network. For Africa, we expect the region will continue to produce positive equity free cash flow.

2017 dividend

At the Annual General Meeting on May 4th, 2018, the Board will recommend payment of an unchanged ordinary dividend of $2.64 per share to be paid in two equal instalments in May and November 2018.

Subsequent events

On January 31st, 2018, we completed our previously announced agreement to sell our operations in Rwanda. In 2017, our business in Rwanda generated EBITDA of $14 million from revenue of $57 million. In 2016, our business in the country produced EBITDA of $15 million on revenue of $64 million. The business generated negative equity free cash flow in both years.

On February 6th, 2018, we entered into a sale-leaseback agreement with SBA Communications related to a portfolio of approximately 800 towers in El Salvador. As a result of the transaction, Millicom expects to receive cash proceeds of around $145 million.

Conference call details

A presentation and conference call to discuss these results will take place on 7 February 2018 at 2:00 PM (Stockholm) / 1:00 PM (London) / 8:00 AM (New York). Please dial in 5-10 minutes before the scheduled start time to register your attendance. Dial-in numbers for the call are as follows: